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Home Sales in Massachusetts Increase Rapidly in May

The number of single-family homes sold last month was the highest monthly total in almost two years in the state. 4,510 single-family homes were sold in May, and increase of close to 35 percent from last years total of 3,350.

The Warren Group, a Boston company that tracks real estate, stated that the total number of homes sold in May was the largest number of single-family homes sold in Massachusetts since June of 2010.
The average price for single-family homes sold in May decreased by more than three percent, from $300,000 a year ago to $289, 950. Even though the average price is lower than last year, it is the highest average sales price recorded so far this year.

The editorial director of the Warren Group, Cory Hopkins, said, “The spring market has been especially strong in Massachusetts. We’re expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.”

In regard to prices, Hopkins also added, “Prices are continuing to drop indicating buyers are in the driver’s seat, and making good deals. For the second month in a row, the price of a single-family home is less than a condominium, a reflection of low inventory in the condo market and a number of less expensive single-family homes coming on the market in recent months.”

May condominium sales in Massachusetts increased by more than fifty percent, from 1,247 last year to 1,881. In May 2011, the average condominium price was $288,250. It has increased this year slightly up to $290,000.

The Massachusetts Association of Realtors has also released similar statistics, stating that single-family home sales have increased again for the eleventh straight month in comparison to last year.

Trisha McCarthy, the president of the Massachusetts Association of Realtors, said, “We continue to make solid progress toward a real estate market recovery with our 11th straight month of home sales increases. With home prices stabilizing, there is opportunity for home owners who are thinking about selling, to put their homes on the market and take advantage of the increasing buyer activity.”

If you are looking to purchase or sell real estate, feel free to contact Pulgini & Norton, LLP at (781) 843-2200 or (888) 344-2046, or email us with any questions you may have. Our attorneys offer nearly 40 years of combined legal experience and provide thorough, timely, and results-driven service in many aspects of both residential and commercial real estate.

Cited Sources:

Mass. home sales jump sharply in May, boston.com, June 26, 2012

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